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1/30/17
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Here’s a quick look at two separate, short-term financing deals in CA totaling $63.8 mil. The transactions, both arranged by Mesa West Capital, are from both ends of the state, in Walnut Creek and San Diego.
Image: John Cumbelich & Associates |
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In Walnut Creek, Mesa West provided a joint venture of Citivest Commercial and Tallen Capital Partners with a $35.75 mil first mortgage loan to refinance and reposition the Rossmoor Shopping Center. The sponsor acquired the property in 2012 and is moving forward with an extensive city-approved redevelopment plan that will include upgrading the exterior façade, expanding the inline space and adding new retail pads.
The improvements will add 27k sf of space to the existing 108k sf, grocery-anchored retail center. The sponsor plans to leverage the planned improvements to roll existing leases to market and build on current leasing momentum, which includes new leases for future pad space with CVS and Starbucks.
In the other deal, Mesa West provided Newport National Corporation with a $28 mil first mortgage loan for the acquisition, renovation and stabilization of Scripps Summit Court. Acquired from owner-user HD Supply Facilities Maintenance, which recently relocated to Atlanta, GA, the asset includes a vacant 146.5k sf, four-story commercial office building on a 21-acre lot in the Scripps Ranch submarket. Built in 2000 as a build-to-suit for HD Supply, the building features a cafeteria, fitness center, locker room with showers, outdoor patios, basketball and sand volleyball courts.
The loan proceeds will be used to complete a significant renovation that will include a new exterior entrance, upgrades to the lobby and common areas as well as the addition of a new bistro/coffee bar, upgraded fitness center, and new training/events room. In addition, the loan includes a holdback to fund future tenant improvements and leasing costs.
Each property was financed with a five-year, non-recourse, floating rate loan, according to Mesa West Principal Steve Fried, who, along with Associate Seth Hall, originated the financing.
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